NBA superstar LeBron James made an impressive name for himself on the basketball court and has since been able to diversify his offerings by adding investments to his portfolio. James’s most recent investment venture is a newly developed partnership with the bicycle company, Canyon.
The Los Angeles Lakers star is co-founder of LRMR Ventures with entrepreneur Maverick Carter. LRMR Ventures alongside SC Holdings, a private equity and strategic advisory firm, have become new investors in Canyon Bicycles. Canyon received $30 million for this partnership and the funds are expected to support expansion plans in the United States.
The company posted a video on its YouTube page titled, “Welcome to the Canyon family LeBron James & Maverick Carter!” Canyon founder, Roman Arnold noted that the company was not initially looking to bring on investors. Arnold stated, “While we were not actively looking for new investors, LRMR and the SC team immediately understood our mission to build the world’s most inspiring and innovative bike company. Their passion for what we are building will make them instrumental members of our team.”
Canyon is considered a leader at the intersection of bicycles, innovation, technology, and performance. It is a German-based company that offers an array of road, mountain and e-bikes. Having the additional capital will assist in increasing engagement in e-bikes and improving category the online experience for its consumers across the United States. Carter recognized Canyon’s uniqueness and positively views the new partnership. Carter noted that “the quality of the products, the power of the Canyon brand, and the unique distribution model create a lot of compelling opportunities we want to be a part of.”
The basketball star is an avid supporter of cycling and has made previous investments in biking companies. For example, back in 2007, he brought a stake in Cannondale and he has since made headlines for providing free bikes to kids and organizing community cycling events. Just last month, the LeBron James Family Foundation shared a post that celebrated being able to provide children with access to bicycles.
